CPI inflation rate in Germany 1.6% in Sept 2024: Destatis

At 1.9 per cent, the rate of change in August had already dropped below the 2-per cent mark, having reached 2.3 per cent in July this year.

The last time inflation was lower than in September 2024 was over three years ago, when it stood at 1.5 per cent in February 2021.

"In particular, further reductions in energy prices slowed inflation more significantly in September 2024 than in the previous months. On the other hand, price increases for services, which are still above average, drove inflation up," said Destatis president Ruth Brand in a release from the organisation.

Compared with August this year, consumer prices remained stable in September.

Registering a decline of 7.6 per cent, energy product prices in September this year were significantly lower than in the same month a year earlier. Following a drop of 5.1 per cent in August 2024 and 1.7 per cent in July 2024, the decline in prices has, therefore, intensified once again.

Excluding energy prices, the inflation rate stood at 2.5 per cent in September. Core inflation (excluding food and energy) was somewhat higher in September this year, at 2.7 per cent.

Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation was above average in other important product groups, Destatis noted.

The prices of goods (total) decreased by 0.3 per cent from September 2023 to September 2024.

Fibre2Fashion News Desk (DS)